LONDON (Reuters] – Boohoo, a British online clothing retailer, reported a 28% decline in its annual core earnings. This was due to high freight and logistic cost inflation. Boohoo also cautioned that it will continue to be affected this year by pandemic-related external forces.

According to the group, it reported Wednesday that adjusted earnings before interest tax, deduction, amortization (EBITDA), was 125 million pounds ($156million) for the year ended February 28th. This is in line with guidance, and lower than 173.6 million in 2020-21.

($1 = 0.8020 pounds)